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billion in medicare and other entitlement savings, as well as a permanent increase in the debt limit among other things. so far, the rhetoric has not softened. treasury secretary tim geithner arriving on capitol hill for high level talks, most notably with house speaker john boehner. >> good morning, everyone. >> how did it go? just listen. >> despite the claims that the president supports a balanced approach, the democrats have yet to get serious. about real spending cuts. >> a much gloomier assessment from the initial prethanksgiving huddle at the white house. boehner described his meeting with geithner as frank and direct, the same way he described his phone call with the president the night before. and for the past two weeks there has been no substantive progress. >> most public statements have been optimistic, confident, hopeful. we're all sensing a very different tone from you right now. are you walking away from talks? have things completely broken down? >> no, no, no, no. stop. i'm disappointed in where we are, but going over the fiscal cliff is serious business. i'm here seriously
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't enough time left to do a comprehensive deal, including tax reform, fixing medicare. so he wants congress to raise tax rates for the wealthy right now and putting off the hard work to next year. they have 28 days left to make a deal before the country hits what's called the fiscal cliff. that's a combination of across the board tax increases for everyone, coupled with cuts in spending like defense, education, health care, and housing assistance. let's go live to our chief white house correspondent jessica yellin with the very latest. jessica? >> reporter: president obama has now personally turned down speaker boehner's opening offer to avert the fiscal cliff. he did it in a tv interview. what does president obama think of speaker boehner's proposal to avert the fiscal cliff? >> unfortunately, the speaker's proposal right now is still out of balance. he talks about $800 billion worth of revenues but says he's going to do that by lowering rates. when you look at the math, it doesn't work. >> reporter: he won't agree to eliminate a tax deduction for contributions to charity. >> every hospita
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on a larger deal to come later as far as taxes are concerned and medicare is concerned. >> let's allow higher rates to go up for the top two percent, that includes all of you, yes. but not in anyway that's going to affect your spending, your lifestyles or the economy in any significant way. let's make sure that 98% of americans don't see a single dime in tax increases next year. 97% of small businesses don't see an increase in taxes next year. and by doing that alone, we raise almost a trillion dollars. >> let's bring in our chief political analyst right now, the president also had a specific warning for members of congress, the republicans on the issue of raising the debt ceiling. listen to this. >> if congress in anyway suggests they're going to tie negotiations to debt ceiling votes, and take us to the brink of default once again as part of a budget negotiation, which by the way we have never done in our history until we did it last year, i will not play that game. because we've got to break that habit before it starts. >> easy to say, i will not play that game, but if the republican major
details. we understand much of that comes from medicare, things that we've heard from republicans over and over like raising the eligibility age, means testing, things like that. so then we have about $600 billion in essentially spending cuts, half from mandatory spending, half from discretionary spending. this is the other very interesting thing that's new. $200 billion from revising the consumer price index. that sounds very technical. but it has very real world consequences because it very much could affect the money, the checks that social security recipients in particular get every single month because it effectively changes inflation so it changes the formula from what they would get. >> significant differences between the white house proposal on this part of the equation as well as on the tax equation. the politics behind this latest republican counterproposal, are they just going through the motions of having their opening bargaining positions knowing that both sides are going to have to make concessions. >> reporter: the answer to that is yes. everybody knows that everybody is
hit. it's not going to be fixed if we go over the cliff. next, medicare doc fix, another thing we don't hear much about, but doctors would get less money from the government to pay for medicare patients that they have. and many doctors say if that happens, they're going to have to drop medicare patients. that would be very bad news there. and the last thing again not many people are talking about is an estate tax increase. right now there's an exemption for taxes on estates $5 million and below. that would go down if we go off the cliff to $1 million. and the rate would go up 35% to 55%. so these are all very, very real world problems that will cost americans a lot of money out of their wallets if we go off the cliff beyond the big ticket items which are the spending cuts and those tax rates. >> yeah. a lot of consequences if we go over the cliff. what are you hearing, dana, if anything about actual negotiations, talks being resumed. >> reporter: we are told by a republican source that talks have resumed between at least on a staff level between the speaker's office and the white hous
Search Results 0 to 8 of about 9 (some duplicates have been removed)